Ostrom Climate Reports Fiscal Q3 2024 Financial Statements

VANCOUVER, BC / ACCESSWIRE / November 29, 2024 / Ostrom Climate Solutions Inc. ("Ostrom" or the "Company") (TSX-V:COO)(Frankfurt:9EAA), a leading provider of carbon project development and climate solutions, has announced its financial results for the third quarter ended September 30, 2024. The results reflect ongoing strategic investments in project development and operational scalability amid challenging market conditions.

Third Quarter Financial Highlights

• Revenue for Q3 2024 was $389,788, compared to $1,314,302 in Q3 2023, reflecting a 67% decrease primarily due to timing of Verified Emission Reduction (VER) unit retirements and consulting project milestones.

• Net loss for Q3 2024 was $1,268,728, compared to net income of $57,053 in Q3 2023. The loss increase reflects research and development expenses tied to the Company's flagship Smart-Rice Project, reduced revenue recognition and increased consulting fees.

• Year-to-date revenue reached $1,894,630, compared to $2,041,643 for the same period in 2023, reflecting a modest decrease amidst the transition to long-term recurring revenue models.

Operational and Strategic Developments

During Q3 2024, Ostrom Climate continued advancing its Climate-Smart Agriculture initiatives, specifically the Upper Pampanga River Climate-Smart Agriculture Project (UPRIIS). These projects leverage innovative technologies and Nature-Based Solutions (NBS) to reduce methane emissions, improve water management, and enhance food security in rice farming. Additionally, the Company's Net Zero Solutions and Carbon Intelligence Services business lines drove progress by providing actionable carbon reduction strategies to clients. The Company also appointed Tejinder Virk as Chief Executive Officer on September 12, 2024, marking a key leadership transition to accelerate Ostrom's strategic shift toward high-quality carbon project development.

Liquidity and Outlook

The Company ended Q3 2024 with $516,613 in cash, compared to $1,347,522 at year-end 2023. Ostrom Climate remains focused on addressing liquidity challenges through strategic financing efforts and diversifying revenue streams. A key priority remains securing long-term revenue from high-quality VER projects while rationalizing operational expenditures to optimize cash flow.